AMD EXTENED LINE'S EXTENDED LINE EDITION (CONTINUE OR FALL)If you've been following me with AMD, we're pretty much out at this point, as we've been targeting the trade since 93, and there isn't much point to miss a few extra percentage points on the topside at the risk of losing all or much of the profits.
HOWEVER, there are still trades to the topside, as far as trades heading to the bottom side.
Marked in thick green and thick red are the TWO STRONGEST support and rejection trends I could find. Do more exist? Maybe, but you'll need a better analyst that me to find those.
Light red are steep support trends that have been building on top of each other (stacking)
Think of this like a skyscraper being built.
All indicators point that we are nearing a top. However, this means nothing as short term indicators can theoretically keep pumping the price over the long term targets, which would see numbers at 200+
Notice the time frame of the chart, 2h, meaning it won't last for more than a couple weeks and you'll likely have a whole new set of trends.
A move like this into earnings is going to be the big question.
179
189
are two really strong rejection lines. May not be exact, but close. You really need to analyze in real time at this point because move will happen faster and faster.
I would say, should the price not hold 171.00, I would wait to see what happens in the short term, and try and buy the dip if it occurs pre earnings, with a potential trade before, on or right after earnings. I would then be waiting on topside for a short entry rather than pushing my luck as a bull.
If you follow me with trades, you'll know that we essentially speak in probability. Meaning, at or above 189, I'm more likely to screw up than make a good trade, and if I screw up, there is a lot of downside showing, which will do absolutely nothing to cover the mistake (loss). Having said that, if you're a short term trader and familiar with short term trading, yes there are absolutely still chances to trade above this level should it occur.
We would also say, there is a better than average chance that should I wait for some of these topside targets to hit and enter short, I have a better than average chance to both profit, and make more overall money, than trying to time out more really short term trades.
It's all about profitability, risk, percentages, and patience. Waiting for the RIGHT trade IS 1000% better than jumping into a trade you missed because you have FOMO.
There will almost always be another buy, there will almost always be another stock moving up the percentage you missed. Idk, what it would be called in formal terms, but I call it the sniper strategy.
Good luck!!
I've attached all previous AMD charts to this chart.
